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About John Stancil, CPA
Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. Kentucky state income tax also. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > two jobs
Expert: John Stancil, CPA
Date: 7/3/2008
Subject: two jobs
Question
QUESTION: hi, i am currently working on a job. i made like $20k a year sometime less. i was thinking of getting a second job as part time in the weekend. i am projecting i will get about $5000 on that job for the whole year. in my first job pay check, i have to pay payroll taxes(federal, ss, medicare, state,etc).
now if i get this second job which will make $5000 a year i would only have to pay SS and medicare so i heard.
at the end of the year my combine income will be $25K. when i combine both income, do i have to pay taxes since now it went up from $20k to 25k and probably a higher bracket?
ANSWER: Jay,
Thanks for your question.
Your employer will required to withhold from your wages based on the W-4 you submit to him. The income from the second job is taxable.
Hope this helps.
John Stancil, CPA
---------- FOLLOW-UP ----------
QUESTION: when you say the income from second job ($5000 a year) is taxable, do you mean i have to pay federal, ss, medicare, state taxes? why? if yes, how can this be possible is that is less than the standard deduction?
Answer
That is correct. SS and Medicare are due for any earnings. Your $5,000 adds to your $20,000 for a total of $25,000 in earnings. That amount is not less than the standard deduction. You get one standard deduction, not one for each job.
John Stancil, CPA
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